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Ukraine 1H2023 Market Portfolio
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UKRAINE: Euroins Ukraine and European Travel Insurance leave NASU
Since September 2023, insurance companies Euroins Ukraine and European Travel Insurance have ceased their participation in the National Association of Insurers of Ukraine (NASU). Both companies left NASU by decision of European shareholders, Forinsurer reports.
18 September 2023UKRAINE: VUSO expands its business by 79% in the first half of the year
According to the 1H results, VUSO insurance company (one of the top 10 insurers in the country) collected premiums in the amount of UAH 1.18 billion (EUR 29.71 million), which is 79% more y-o-y in local currency, Forinsurer writes citing the National Bank data.
6 September 2023UKRAINE: in 2Q2023 the insurance sector demonstrates profitability and premium growth
According to the National Bank of Ukraine (NBU), in 2Q2023 the non-bank financial sector of Ukraine underwent a variety of changes, with the majority of sectors reporting a growth of their assets, Interfax reports, citing the NBU’s non-bank financial sector review.
31 August 2023STATISTICS: UKRAINE, 1H2023: market growth supported by non-life insurance, which exceeded 89% of the market portfolio
The insurance market of Ukraine in 1H2023, according to data published by the National Bank (NBU), saw an increase of 21.33%. The total GWP increased to UAH 21.35 billion (EUR 533.86 million).
31 August 2023UKRAINE: MTPL market rises 32% in the first half of the year
The MTPL market in Ukraine in January-June 2023 grew by 32.3% y-o-y, amounting to UAH 3.8 billion (~EUR 94.81 million), Forinsurer writes according to the MTIBU report.
24 August 2023UKRAINE: ARX and ARX Life increase GWP and paid claims in 1H2023
In 1H2023, total GWP of ARX and ARX Life (among top 5 insurers in Ukraine) exceeded UAH 1.8 billion, (~EUR 44.91 million) which is 40% more y-o-y. At the same time, total profit of the two companies amounted to UAH 345.4 million, Forinsurer reports.
16 August 2023UKRAINE: in 1H2023 the MTPL market grows by more than 32% y-o-y
The MTPL market in Ukraine from January to June 2023 grew by 32.3% y-o-y. According to the MTIBU (Motor (Transport) Insurance Bureau of Ukraine), Ukrainian insurers increased MTPL GWP to UAH 3.8 billion (~EUR 94.81 million), including on e-policies to UAH 2.78 billion (+48.1%), Forinsurer reports.
7 August 2023UKRAINE: MTIBU: Payments from the Victims Protection Fund increase by more than 58% in 1H compared to 2021
According to the 1H results, the MTIBU (Motor (Transport) Insurance Bureau of Ukraine) made almost 4,000 payments from the Bureau's Victim Protection Fund for a total of UAH 225 million (~EUR 5.61 million), as the Bureau stated in its press release.
1 August 2023UKRAINE: Energoatom risks insured for UAH 147 million (~EUR 3.65 million)
The national nuclear energy generating company Energoatom and the insurance company Pervaya, on behalf of the Nuclear Insurance Pool of Ukraine, signed an agreement on compulsory insurance of civil liability for nuclear damage worth UAH 146.9 million (~EUR 3.65 million), Forinsurer reports citing Interfax-Ukraine.
6 July 2023UKRAINE: candidates for the position of General Director of MTIBU has been determined
The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) has determined the list of candidates for the position of General Director of MTIBU, Forinsurer informed.
29 June 2023UKRAINE: Euroins Ukraine expands its business by 29% in January-May
Euroins Ukraine, a subsidiary of the international insurance group Euroins Insurance Group (EIG), in January-May 2023, maintained its financial stability and fulfilled all obligations to customers, fully meeting the requirements of the market regulator, Forinsurer reports.
29 June 2023UKRAINE: Total amount of remuneration to intermediaries in 1Q exceeded UAH 2.8 billion
The expenses of Ukrainian insurance companies related to conclusion and renewal of non-life insurance contracts (acquisition costs) for 1Q2023 amounted to UAH 2.58 billion, including remuneration to agents of UAH 2.37 billion, Forinsurer reports.
15 June 2023STATISTICS: UKRAINE, 1Q2023: 68% of non-life paid claims are in motor insurance
According to the 1Q results, the insurance sector of Ukraine grew by 6.22% to UAH 10.11 billion, based on the data published by the National Bank. The market was supported by non-life insurance, while life insurance dropped by almost 13%.
7 June 2023UKRAINE: MTIBU: MTPL, Green Card and Motor Hull were the key market drivers in 2022
The key market drivers in 2022 were MTPL, Green Card and Motor Hull. Their total share exceeded 49% of the market portfolio. In 2022 MTIBU member insurance companies settled 110.6 thousand claims (-36.2% y-o-y) and paid about UAH 2.8 billion (-24.1%) to road accident victims, as was noted at the MTIBU General Meeting on 18th of May 2023.
24 May 2023UKRAINE: ARX in the first quarter of 2023 expands its business by 27%
One of the leaders in the insurance sector of Ukraine, ARX ended 1Q2023 with an increase in many indicators. The amount of collected premiums reached UAH 781.6 million (+27%)/~EUR 19.56 million*, and paid claims - UAH 303.5 million, which is 12% more y-o-y, Forinsurer reports. The number of contracts concluded with the company increased by 116%.
17 May 2023UKRAINE: TAS notes the largest increase in 1Q in the Motor Hull segment
TAS insurance group, which is among the top 5 insurers in Ukraine, collected UAH 659.75 million in 1Q2023 (~EUR 16.51 million), which is 21.6% more than in the same period last year, Forinsirer reports.
17 May 2023UKRAINE: Terms of the competition for the MTIBU General Director position approved
The Presidium of the MTIBU approved the Procedure for organizing and holding a competition to determine candidates for the MTIBU General Director position, according to a press release from the MTIBU (Motor Transport Insurance Bureau of Ukraine).
11 May 2023UKRAINE: in 1Q2023 the MTIBU paid almost UAH 114 million to victims of road accidents
According to the results of the first quarter of 2023, MTIBU made 2.1 thousand payments from the Bureau's Victim Protection Fund for a total of UAH 113.9 million (~EUR 2.85 million).
20 April 2023UKRAINE: MTIBU General Director Vladimir SHEVCHENKO's powers terminated on April 10
On April 10, 2023, duties of the General Director of the Motor Transport Bureau of Ukraine were temporarily assigned to Elena KOVALEVA, Financial Director-Chief Accountant of MTIBU. Performance of all functions and ensuring the activities of the MTIBU is carried out as usual, according to a press release from the MTIBU (Motor Transport Bureau of Ukraine).
13 April 2023UKRAINE: ASKA and VUSO merger completed
At the general meeting of the VUSO and ASKA management on March 22, 2023, it was finally decided to merge ASKA insurance company to VUSO and continue to work under a single brand. At the same time, all assets and liabilities of ASKA are transferred to VUSO, Forinsurer reports.
13 April 2023
